T2 Biosystems, Inc. (TTOO) Income Statement
TTOO 2023 at a glance
Fiscal year ended December 31, 2023 · U.S. dollarsTTOO revenue and net income
Where TTOO's revenue goes
2023Each bar shows an amount and its share of revenue. TTOO kept −696.2% of revenue as net income.
TTOO profit margins
TTOO growth rates
to 2023| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −67.8% | −26.5% | −7.3% | +39.1% |
| Gross profit | −800.7% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TTOO quarterly EPS vs estimates
T2 Biosystems beat the analyst EPS estimate in 6 of the last 8 quarters.
TTOO income statement
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.2M | $22.3M | $28.1M | $18.1M | $8.3M | $10.5M | $4.7M | $4.1M | $2.8M | $119,000 |
| Cost of revenue | $15.4M | $21.1M | $20.7M | $21.3M | $16.8M | $15.4M | $12.0M | $6.9M | $1.7M | $19.8M |
| Gross profit | −$8.2M | $1.2M | $7.4M | −$3.1M | −$8.4M | −$4.9M | −$7.4M | −$2.8M | $1.1M | −$19.7M |
| Research & development | $14.2M | $25.9M | $21.8M | $16.9M | $16.3M | $14.5M | $23.7M | $24.0M | $25.4M | $19.8M |
| Sales, general & admin | $26.1M | $30.7M | $28.5M | $21.3M | $27.3M | $25.7M | $22.8M | $24.1M | $19.1M | $11.0M |
| Total operating expenses | $41.5M | $56.7M | $50.3M | $38.2M | $43.6M | $40.2M | $46.5M | $48.1M | $44.5M | $30.8M |
| Operating income | −$49.7M | −$54.0M | −$43.0M | −$41.4M | −$52.1M | −$45.1M | −$53.9M | −$50.9M | −$43.4M | −$30.7M |
| Interest income | — | $8,000 | $112,000 | $14,000 | $7.3M | $6.7M | $8.9M | $4.1M | $2.0M | — |
| Interest expense | $5.3M | $6.1M | $7.6M | $5.5M | $7.3M | $6.7M | $8.9M | $4.1M | $2.0M | $721,000 |
| Income before taxes | −$50.1M | −$62.0M | −$49.2M | −$46.8M | −$59.0M | −$51.2M | −$62.4M | −$54.8M | −$45.3M | −$31.4M |
| Income taxes | $691,105 | $1.1M | $4.3M | $2.4M | $4.1M | $619,000 | $9.2M | $2.0M | $562,000 | $42,000 |
| Net income | −$50.1M | −$62.0M | −$49.2M | −$46.8M | −$59.0M | −$51.2M | −$62.4M | −$54.8M | −$45.3M | −$31.4M |
| EBITDA | −$43.9M | −$54.9M | −$41.1M | −$36.7M | −$48.3M | −$42.0M | −$50.6M | −$48.4M | −$41.9M | −$30.0M |
| EPS (diluted) | −$15.65 | −$1436.00 | −$1500.00 | −$1953.50 | −$5014.50 | −$4667.50 | −$7175.50 | −$8223.50 | −$8228.00 | −$6117.50 |
| Gross margin | −113.6% | 5.2% | 26.2% | −17.4% | −101.1% | −46.7% | −157.8% | −68.4% | 38.1% | −16,523.5% |
| Operating margin | −690.4% | −242.3% | −153.2% | −228.1% | −624.6% | −429.4% | −1,154.1% | −1,247.0% | −1,542.2% | −25,782.4% |
| Net margin | −696.2% | −278.0% | −175.5% | −258.1% | −707.9% | −487.2% | −1,337.9% | −1,343.2% | −1,610.0% | −26,378.2% |
| Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | Mar '22 | Dec '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0M | $2.0M | $2.1M | $1.7M | $1.5M | $2.0M | $2.1M | $5.5M | $3.7M | $5.9M | $7.2M | $7.0M |
| Cost of revenue | $4.1M | $2.7M | $4.2M | $2.6M | $3.9M | $4.9M | $4.0M | $3.7M | $6.1M | $5.1M | $6.2M | $5.4M |
| Gross profit | −$2.1M | −$741,000 | −$2.1M | −$895,000 | −$2.5M | −$2.9M | −$1.9M | $1.8M | −$2.4M | $830,000 | $1.0M | $1.6M |
| Research & development | $2.7M | $3.4M | $3.7M | $3.2M | $2.7M | $3.9M | $4.5M | $4.7M | $6.4M | $8.0M | $6.7M | $5.4M |
| Sales, general & admin | $5.4M | $5.5M | $6.7M | $5.3M | $6.0M | $6.3M | $7.3M | $6.6M | $7.0M | $7.8M | $9.2M | $6.5M |
| Total operating expenses | $8.0M | $8.8M | $10.5M | $11.0M | $11.2M | $10.1M | $11.8M | $11.3M | $13.4M | $15.8M | $15.9M | $11.9M |
| Operating income | −$10.2M | −$9.6M | −$12.6M | −$9.3M | −$13.6M | −$13.1M | −$13.7M | −$9.5M | −$15.8M | −$15.0M | −$14.9M | −$10.3M |
| Interest income | — | — | — | — | — | $2,000 | $2,000 | $2,000 | $1,000 | $2,000 | $3,000 | $94,000 |
| Interest expense | $370,000 | $478,000 | $1.2M | $1.2M | $1.1M | $1.5M | $1.5M | $1.5M | $1.6M | $1.3M | $1.6M | $2.0M |
| Income before taxes | −$10.1M | −$9.0M | −$13.5M | −$10.3M | −$15.4M | −$6.3M | −$18.0M | −$10.1M | −$17.4M | −$18.0M | −$16.5M | −$12.1M |
| Income taxes | — | −$64,000 | −$64,000 | — | −$262,000 | $1.6M | $2.1M | $1.0M | $1.6M | $3.0M | $1.6M | $2.0M |
| Net income | −$10.1M | −$9.0M | −$13.5M | −$10.3M | −$15.4M | −$6.3M | −$18.0M | −$10.1M | −$18.9M | −$21.0M | −$18.1M | −$12.1M |
| EBITDA | −$9.7M | −$8.4M | −$12.3M | — | −$14.0M | −$4.5M | −$16.2M | −$8.0M | −$15.2M | −$16.1M | −$14.3M | −$9.6M |
| EPS (diluted) | −$0.57 | −$0.66 | −$2.66 | −$3.45 | −$2.88 | −$8.00 | −$1.32 | −$141.00 | −$295.00 | −$500.00 | −$500.00 | −$350.00 |
| Gross margin | −106.6% | −38.0% | −103.9% | −53.3% | −166.6% | −147.9% | −92.3% | 32.0% | −65.5% | 14.0% | 14.2% | 23.2% |
| Operating margin | −511.9% | −490.5% | −611.4% | −555.0% | −924.4% | −664.5% | −658.7% | −173.6% | −429.7% | −254.1% | −205.4% | −147.3% |
| Net margin | −509.7% | −459.2% | −656.7% | −615.8% | −1,047.9% | −323.2% | −864.5% | −184.2% | −515.4% | −356.1% | −250.7% | −174.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TTOO's financial statements (latest annual report filed April 1, 2024); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TTOO financial results
In fiscal year 2023 (ended December 31, 2023), T2 Biosystems reported revenue of $7.2 million, down 67.8% from the year before. It had a net loss of $50.1 million, a net profit margin of −696.2%. Diluted earnings per share came to −$15.65. Over five years revenue grew at an average rate of −7.3% a year.
See the TTOO stock overview for the latest quote and news, or the TTOO chart for price history and technical indicators.
TTOO income statement FAQ
What is T2 Biosystems's annual revenue?
T2 Biosystems reported total revenue of $7.2 million for fiscal year 2023, which ended on December 31, 2023. That was down 67.8% from $22.3 million the previous year.
Is T2 Biosystems profitable?
No. T2 Biosystems reported a net loss of $50.1 million in fiscal 2023, a net profit margin of −696.2%; its operating margin was −690.4%.
What is T2 Biosystems's gross margin?
T2 Biosystems's gross margin was −113.6% in fiscal 2023: for every $100 of revenue, T2 Biosystems kept $-114 after the direct cost of its products and services.
How much does T2 Biosystems spend on research and development?
T2 Biosystems spent $14.2 million on research and development in fiscal 2023, 196.8% of revenue.
How fast is T2 Biosystems growing?
Revenue grew −7.3% a year on average over the last five fiscal years, from $10.5 million to $7.2 million.
What are T2 Biosystems's earnings per share?
T2 Biosystems earned $-15.65 per diluted share in fiscal 2023, compared with $-1436.00 a year earlier.
When does T2 Biosystems's fiscal year end?
T2 Biosystems's fiscal year ends in December. The latest annual report covers the year ended December 31, 2023 and was filed on April 1, 2024.